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The Sunset of the Doubled Estate, Gift, and GST Tax Exclusion Amounts after 12-31-2025 December 31, 2025

Our Recommended Reading List on Tax Policy

A Test of New York State’s Infamous Convenience Rule
Does a Transfer on Death Deed Live up to the Hype?
AI in Accounting: Leveraging the New Era of Efficiency and Insight Part 2

Latest Articles

  • The Not-So-Basic Basis of Bases: Tax Basis Reporting Calculations and Analysis

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2022

    The IRS directed partnerships to report capital accounts on the tax basis starting in 2020. In this article, I’ll address the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account and the IRS-prescribed method.

  • Cannabis Taxes in New York State: How High Is Too High

    By:
    Jason Klimek, Esq., and Kara Cline, CPA
    |
    Apr 1, 2022

    New York State legalized adult-use cannabis on March 31, 2021, under the Marijuana Regulation and Taxation Act (MRTA). Along with legalization came Article 20-C of the New York State Tax Law. Article 20-C, effective April 1, 2022, imposes the first U.S. THC potency excise tax. The excise tax is in addition to a 13% sales tax, which replaces the standard state and local sales tax rates

  • Five CAA Benefits Changes and their Tax-Exempt Entity Impact

    By:
    Daniel N. Kuperstein, Esq.
    |
    Apr 1, 2022
    Although extraordinarily helpful to benefit plan participants, the coronavirus (COVID-19) tax relief available under the Consolidated Appropriations Act, 2021 (CAA) has caused many headaches for CFOs and other managers of tax-exempt (TE) entities. These headaches have continued into 2022.

  • The Evolution of the Form 990-T

    By:
    Heather Leggiero, CPA, JD
    |
    Apr 1, 2022
    Over the past several years, Form 990-T, Exempt Organization Business Income Tax Return, has changed from its pre-2018 versions. The Taxpayer Cuts and Jobs Act of 2017 (TCJA) made significant changes to the unrelated business income (UBI) tax law and required years of revisions as guidance was issued by the IRS. Two major UBI TCJA changes were made to the net operating loss (NOL) rules and the introduction of siloing to segregate multiple unrelated trade or business activities.

  • IRS Update – Practice, Procedures and Enforcement in the COVID Environment

    By:
    Michael J. Tedesco, Esq., JD
    |
    Mar 1, 2022
    The IRS is asked to do more with less as each year passes. During the COVID-19 pandemic, the strain on the IRS has been more severe than ever. Many service centers were shut down or operating at significantly diminished capacity for lengthy periods during the early days of the pandemic. These shutdowns put an already strained IRS several months further behind. Often, letters dated in March 2020 were not mailed until May or June 2020.

  • The IRS Updated Automatic Accounting Method Change Procedures

    By:
    Mathieu Aimlon, CPA
    |
    Mar 1, 2022
    Taxable income must be computed under the method of accounting regularly used by the taxpayer in keeping its books. An accounting method is a set of rules used to determine when and how income and expenses are taken into account for federal income tax purposes. A taxpayer filing its first return may adopt any permissible method of accounting. This method is binding typically after a year; but the taxpayer may elect to change to another permissible method. However, it must secure the consent of the Commissioner before changing [IRC section 446(e) and Treas. Reg. 1.446-1(e)].

  • The Non-Citizen and the U.S. Estate and Gift Tax – An Introduction

    By:
    Gary Forster
    |
    Mar 1, 2022
    Since 1916, the United States has imposed an “estate tax” on the U.S. assets of foreign decedents and on all assets of U.S. citizens and resident non-citizens.  The estate tax covers transfers of wealth at death.  The United States also imposes a “gift tax” on gratuitous lifetime transfers. The gift tax covers the value of gifts made during life. Non-resident non-citizens are taxed only on gifts of U.S. based assets. 

  • Preparing for a Successful New York State Audit Defense

    By:
    Karen J. Tenenbaum, Esq., LLM (Taxation)
    |
    Mar 1, 2022

    A client walks into your office with an audit notice from New York State. If you are not familiar with state audits, you may be wondering how similar they are to an IRS audit. Although the strategies are alike in many ways, there are also significant differences, particularly with residency and sales tax audits. At the 2021 NYSSCPA, New York and Tri-State Taxation Conference in December, our panel discussion on New York State Audit Defense and Alternative Strategies outlined the essential steps tax professionals should take to prepare for and resolve state tax audits as effectively as possible.

  • PPP Loan Forgiveness: Preparing for and Responding to SBA Reviews, Appeals of Forgiveness Denials, and Other Governmental Scrutiny

    By:
    Reetuparna Dutta and Jason E. Markel
    |
    Feb 1, 2022
    Nearly two years ago, on March 27, 2020, the Paycheck Protection Program (PPP) was created with the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.1 The CARES Act substantially expanded eligibility for small business loans administered by the U.S. Small Business Association (SBA) under its existing Section 7(a) loan program.

  • Navigating the New Schedule K-2 and K-3 for Asset Management Clients

    By:
    Joe Zhou, CPA, Natallia Shapel, CPA, MST, MBA, and Stephen Arber, CPA, JD, LLM
    |
    Feb 1, 2022

    On June 3-4, 2021, the IRS released final versions of Schedules K-2 and K-3 for tax year 2021 (2022 tax filing season). Final instructions were released in early September of 2021, and additional changes and clarifications were released on January 18, 2022.
Page
Tax Jokes
  

I tried paying my taxes with a smile ... but they still demanded cash.


https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News

 

2024 Election Will Have Significant Tax Consequences, The Trusted Professional

IRS Announces Tax Inflation Adjustments for 2025,The Trusted Professional

Treasury, IRS Grant Filing Exception for Tax-exempt Organizations from Filing New Form 4626, Alternative Minimum Tax - Corporations, Internal Revenue Service

IRS Encourages All Taxpayers to Sign up for an IP PIN for the 2025 Tax Season, Internal Revenue Service

TIGTA Says IRS Still Needs to Review $42 Billion in ERC Claims Despite Its Best Efforts,The Trusted Professional

*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.